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ETP ANNUAL REPORT 2011
EPP 5 (continued from previous page)
Moving Forward
The government will continue to provide training and software
grants to new engineers at SAM and DESB. MATRADE, DESB and
SAM are negotiating larger work and will continue to market
the Malaysian Engineering Services brand in the global market,
emphasising the world-class engineering services available in
Malaysia.
By 2013, SAM and DESB are expected to achieve a critical mass of
over 700 trained engineers and a strong track record of projects
Developing Malaysia as a Global
Islamic Finance KPO Hub
Malaysia is a global leader in Islamic finance with the third largest
market in the world. Some 48 per cent of global sukuk issuance
originates from Malaysia. In addition, our leading position is
supported by world’s first Syariah-compliant commodity trading
platform and is underpinned by a dispute resolution framework
that is also compliant with Syariah. The goal of this EPP is to
capitalise on our leading position to develop the nation into a
global hub for Islamic Finance Knowledge Process Outsourcing
(KPO). The EPP is expected to create incremental GNI contribution
of RM3.1 billion and create 2,010 new jobs by 2020.
Achievements
An Islamic Finance Advisory and Consulting Services (I-FACS)
consortium has been successfully established and trademarked as
Islamic Core Banking Trust (ICB Trust). Currently, it is in the process
of getting funding and developing a software application platform
for Syariah Advisory functions. An operational I-FACS will consist
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EPP 6
executed for global clients. At this stage, the companies will seek
more joint venture partnerships and strategic alliances with global
companies such as Bombardier, Airbus, GKN Aerospace, Nissan and
Honda. This will improve the local companies’ market access and
technology transfer as well as ensure sufficient workflow over the
next eight years to fuel growth of the industry.
For 2012, this EPP aims to generate RM24 million in revenue and
procure RM3.5 million in investments for SAM, generate RM24
million and procure RM2.16 million in investments for DESB.
of Syariah scholars and practitioners, Islamic finance lawyers,
accountants, actuaries and Syariah auditors who can carry out
Syariah-compliance functions. The I-FACS consortium will provide
an avenue to address global industry challenges effectively. These
include the complex origination process of sukuk issuance that
can meet global benchmarks; development of Islamic financial
products, harmonisation of standards and access to expertise.
Moving Forward
This EPP was moved into Financial Services NKEA upon
consultation with Bank Negara Malaysia. Following further
discussion between both teams and Bank Negara, this EPP will be
treated as an advisory service to be set up privately without direct
involvement of the NKEA teams. This will mean that the eventual
entity that is set up will act akin to a business offering a myriad of
services as part of Bank Negara Malaysia’s ongoing initiative.